Japanese automakers Honda, Nissan and Mitsubishi said Thursday they are ending talks on business integration.
Nissan Chief Executive Makoto Uchida said the talks had changed focus from setting up a joint holding company to making Nissan into a subsidiary of Honda.
The intent was to join forces to win in the global competition, but this was not going to realise Nissan's potential, so I could not accept it, he told reporters. He said that Nissan was going to aim for a turnaround without Honda instead.
Honda Chief Executive Toshihiro Mibe said in a separate news conference that Honda had suggested a stock swap to speed up decision-making.
I am really disappointed, Mibe told reporters. I felt the potential was great, but I also knew actions that would bring pain were necessary to realise that."
The automakers agreed to end their agreement on considering a structure for a collaboration, a joint statement said. The decision was passed by board meetings at each of the companies.
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